ZEP-RE and Planet Collaborate on Drought Insurance Program in Africa
December 12 2022 - 9:00AM
Business Wire
Initiative seeks to reduce risk within the
African pastoral sector
Planet Labs PBC (NYSE: PL), a leading provider of daily data and
insights about Earth, today announced a new contract with ZEP-RE, a
reinsurance company based in Nairobi, Kenya, to leverage Planet’s
Basemaps products to enhance drought risk protection in the Horn of
Africa (HOA).
ZEP-RE aims to leverage PlanetScope 3-5 meter resolution imagery
through Planet’s analysis-ready, Surface Reflectance Basemaps
products. Using pre-processed, Basemaps, Planet will deliver
Normalized Difference Vegetation Index (NDVI) time series data to
measure vegetation health for an area of more than 600,000 km2 of
Eastern Africa. The reinsurance company will also be utilizing
Planet data as their independent calculation agent to quantify
conditions and provide metrics to measure drought. With this data
they will further develop their drought index program and scale
their risk calculation capabilities.
Working with Planet, ZEP-RE aims to expand the insurance program
to support over 250,000 pastoralists in the HOA. In the process,
they seek to generate a drought index that can be customized to
locations to determine payout amounts, generate premium rates, and
enable faster claims.
“At Planet, we are excited to be contributing data to support
the livelihoods of pastoral farmers in Africa with ZEP-RE. We
believe our data is a powerful and unique source of information for
agricultural index insurance, and that it can bring value to
vulnerable communities in their daily lives,” said Kevin Weil,
President of Product & Business at Planet.
Along the grasslands of sub-Saharan Africa, drought is a
persistent threat to economies and livelihoods. ZEP-RE is the
implementing agent of a regional project, DRIVE, intending to
enhance pastoralists’ access to financial services for drought risk
mitigation, include them in the value chains, and facilitate the
livestock trade. ZEP-RE will be leveraging Planet’s satellite data
products to execute the risk protection product to support business
continuity and expand its critical work in the region. DRIVE is a
World Bank funded project in partnership with the governments of
the four participating countries in the HOA; Djibouti, Ethiopia,
Kenya and Somalia.
“We are thrilled to begin using Planet's satellite data for the
HOA DRIVE Index-Based Livestock Insurance product. With the
reliability and quality of the Planet data, we can normalize the
stream with our existing data and transition smoothly to continue
our business model into the future,” said Ronald Kasapatu, Director
of Agriculture & Micro Insurance at ZEP-RE.
For Planet, this first-of-its-kind application demonstrates the
innovative use of their Surface Reflectance Basemaps and
Professional Services to provide NDVI data that powers products for
drought insurance. Showcasing the company’s evolving insurance
offerings, this program highlights how the technology could be
replicated with additional customers in the field.
About Planet Labs PBC
Planet is a leading provider of global, daily satellite imagery
and geospatial solutions. Planet is driven by a mission to image
the world every day, and make change visible, accessible and
actionable. Founded in 2010 by three NASA scientists, Planet
designs, builds, and operates the largest Earth observation fleet
of imaging satellites, capturing over 30 TB of data per day. Planet
provides mission-critical data, advanced insights, and software
solutions to over 800 customers, comprising the world’s leading
agriculture, forestry, intelligence, education and finance
companies and government agencies, enabling users to simply and
effectively derive unique value from satellite imagery. Planet is a
public benefit corporation trading on the New York Stock Exchange
as PL. To learn more visit www.planet.com and follow us on
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About ZEP-RE
ZEP-RE (PTA Reinsurance Company) is a specialised institution of
COMESA with the mandate to promote the trade in insurance and
reinsurance trade through the creation of capacity, training of the
region's insurance personnel, provision of technical services and
the reinvestment of premium funds within the region. It has a
diverse set of shareholders of Governments, Government owned
companies, DFIs, and private companies in the COMESA region.
The Horn of Africa De-risking, Inclusion and Value Enhancement
(DRIVE) for pastoralist economies is a $360.5m project funded by
the World Bank and partners to enhance pastoralists' access to
financial services for drought mitigation (Component 1), include
them in value chains and facilitate livestock trade (Component 2)
in the Horn of Africa. The project will be implemented in four Horn
of Africa countries, namely Djibouti, Ethiopia, Kenya and Somalia.
ZEP-RE was appointed as the implementing agent for Component 1 by
the respective participating governments.
To learn more, visit ZEP-RE and DRIVE
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version on businesswire.com: https://www.businesswire.com/news/home/20221212005174/en/
Planet Press Claire Bentley Dale comms@planet.com Planet
Investor Relations Chris Genualdi, Cleo Palmer-Poroner
ir@planet.com
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